Mediocristan Vs Extremistan
In his book The Black Swan, Nassim Taleb develops two ideas, Mediocristan and Extremistan, to help explain his Black Swan Theory. Mediocristan is where normal things happen, things that are expected, whose probabilities of occurring are easy to compute, and whose impact is not terribly huge. The bell curve and the normal distribution are emblems of Mediocristan. For those not very familiar with statistics, the bell curve represents the normal distribution, where small, low-impact changes have the highest probabilities of Read More